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Sunwest Bank Assumes Deposits of Westside Community Bank in Washington

 

Jan 14 - Westside Community Bank, University Place, Wash., has been closed by the Washington State Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Irvine, Calif., to assume all of the deposits of Westside Community Bank.

As of Sept. 30, 2012, Westside Community Bank had approximately $97.7 million in total assets and $96.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-830-4705. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/westside.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $20.3 million. Compared to other alternatives, Sunwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Westside Community Bank is the first FDIC-insured institution to fail in the nation this year, and the first in Washington. The last FDIC-insured institution closed in the state was Bank of Whitman, Colfax, on Aug. 5, 2011.



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